Course Title: Provide advice in Life Insurance

Part B: Course Detail

Teaching Period: Term2 2012

Course Code: BAFI5199C

Course Title: Provide advice in Life Insurance

School: 650T TAFE Business

Campus: City Campus

Program: C5261 - Diploma of Financial Planning

Course Contact : Michael Elliot

Course Contact Phone: +61 3 9925 5519

Course Contact Email:michael.elliot@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Nominal Hours: 50

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

There are no pre-requisites to this course but it is co-delivered with:

FNSFPL504A Implement Financial Plan
FNSFPL505A Review Fin Plans & provide ongoing advice
BSBOHS303B Contribute to OHS hazard identification and risk management
FNSFMK503A Advise clients on financial risk
 

Course Description

This course is designed to help the financial planner develop a relationship with the client, and deliver onging service.
It is also designed to help the planner establish the client’s needs objectives and financial situation.
Research appropriate products and solutions for the client and deliver an ongoing financial plan agreed with by the client.
Complete and lodge correct paperwork on behalf of the client
 

If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSASICX503A Provide advice in Life Insurance

Element:

Agree the plan, policy or transaction and complete documentation

Performance Criteria:

 1.1. The financial products and services knowledge level of the client is established
1.2. Enquiries in relation to Life Insurance products and services are responded to by explaining the range of products and services available and their relevant fee and charging methodology
1.3. Client is informed of the role of the adviser and the licensee or principal responsible for the adviser's conduct including procedures for complaints handling and the circumstances in which they should be engaged
1.4. The client's personal, financial and business details are obtained and their needs identified by encouraging expression of their objectives and goals
1.5. Product risk profile of the client and their expectations of cash flow and relevant taxation obligations are established
 

Element:

Analyse client's objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions

Performance Criteria:

2.1. An assessment of client needs is undertaken, utilising all information gathered and taking into account client's product expectations and specific needs
2.2. Client is consulted throughout the analysis for further clarification where necessary
2.3. The need for specialist advice is analysed and the client is referred to appropriate adviser for higher level or specialist advice if required
2.4. Product risk profile of the client is assessed and agreed demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered
2.5. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of products, client risk profile and assessment of their needs
2.6. Relevant research, analysis and product modelling is conducted and an appropriate solution, plan, policy or transaction drafted for presentation to the client
 

Element:

Establish relationship with client and identify client's objectives, needs and financial situation

Performance Criteria:

Product knowledge appropriate for the service or product offered is demonstrated when presenting the product
3.2. The proposed transaction is explained and discussed with the client in a clear and unambiguous way
3.3. Relevant details, terms and conditions of product/service are reinforced to client
3.4. Impacts and possible risks of the solution are disclosed in a clear and concise manner to the client
3.5. Client is provided with written supporting documentation and guided through the key aspects of the documentation
3.6. Concerns or issues the client has regarding the proposed plan, policy or transaction are discussed and clarified
3.7. Confirmation is sought from client that they understand the proposed plan, policy or transaction
 

Element:

Present appropriate strategies and solutions to client and negotiate a financial plan, policy or transaction

Performance Criteria:

4.1. The client's formal agreement to the proposed plan, policy or transaction is gained
4.2. Associated fee and cost structures and timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
4.3. Proposal and all other statutory and transactional documents are completed and signed off by the client
4.4. Copies of appropriate documentation and the signed agreement are exchanged
 

Element:

Provide ongoing service where requested by client

Performance Criteria:

5.1. Type and form of ongoing service including reporting on performance and review of plan, policy or transaction is agreed with the client
5.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
5.3. Ongoing service is provided as required
 


Learning Outcomes



Details of Learning Activities

Activities will consist of classroom collaborative delivery of course notes and relevant exercises combined with student centred learning and research


Teaching Schedule

Teaching Schedule
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 

Week  Week  Comm                                           Topics Assessment                                                                                     
 0 25 June Orientation Overview
 1  2nd July  Pre-training review:
• RPL /LLN
Familiarisation with:
• Program
• Services/facilities
• Other students
• Teacher(s)
• Where to get support
• Student responsibilities
• Course requirements
• Course support documents
• Pre-reading
• Blackboard
• Overview of assessment requirements                                                                               
• Grading
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
 
 2 9thJuly Chapter 1
Diploma of Financial Planning
Insurance Planning Module

 

 
 3 16th July
 
 Chapter 1
Diploma of Financial Planning
Insurance Planning Module
Assessment on Topics from weeks 1 and 2
 
 Short Answer Questions Grading (CA/NYC)
 
 4  23rd July Finalise Chapter 1
Diploma of Financial Planning
Insurance Planning Module
 
 Assessment 1 feedback
 
 5 30th July  Student Study Week No Formal classes
 6 6th Aug.  Chapter 2
Diploma of Financial Planning
Insurance Planning Module

 

 
 7 13th Aug  Chapter 2
Diploma of Financial Planning
Insurance Planning Module

 

 
 8 20th Aug Chapter 2
Diploma of Financial Planning
Insurance Planning Module
 
 Assignment Handed out including discussion on assessment requirements.
 
   Mid semester break (27th August to 31st August) 
 9 3rd Sept.  Chapter 3
Diploma of Financial Planning
Insurance Planning Module

 

 
 10 10th Sept.  Chapter 3
Diploma of Financial Planning
Insurance Planning Module

 

 
 11 17th Sept.  Finalise Chapter 3
Diploma of Financial Planning
Insurance Planning Module

 
 Electronic Draft of assignment to be submitted to teacher in class
 12 24th Sept  Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
 Final Assignment discussion
With teacher
 
 13 1st Oct.  Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
 Final Assignment discussion
With teacher
 
 14  8th Oct. Chapter 4
Diploma of Financial Planning
Insurance Planning Module
 
 Continued as per above
Assignment due (CA/NYC)
 
 15 15th Oct.  Assessment 3 – (CA/NYC)
(From Topics covered in Weeks 3 to Weeks 14)
 
 
 16 22nd OctRe-submissions if required 
1729th Oct.Feedback 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

Assessment may incorporate a variety of methods including written tests, a group assignment and final assessment.

Tests are closed book and consist of multiple choice, practical exercises and short answer questions.

The group assignment requires students to research the role and function of a financial institution or a major contemporary issue relating to the financial system and of concern to consumers.

Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.
 


Assessment Tasks

Assessment Tasks
You are required to complete 3 tasks. You must successfully complete all 3 tasks to be deemed competent in this unit.


TASK 1 ( Week 3)
This will consist of a multiple choice question and short answer assessment. CA/NYC


TASK 2 (Week 13) CA/NYC
An individual assignment requiring students to conduct research into risk management.
The above task will be presented in report format (approx. 300- 500 words per recommendation).

TASK 3 (Week 15) CA/NYC
A two hour open book assessment covering Topics covered in Weeks 3 to Weeks 14

 

OTHER INFORMATION
Marking Guide (competency):
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.

You need to demonstrate you are competent in each element of the unit of competency you are studying. You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading. Please refer to the Final Grades table below.

Marking Guide (Grading)
After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
The grading is according to the following criteria:

LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
You are required to demonstrate a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your access of information required for the assessments tasks, accuracy and quality of information presented to the client and appropriate recommendation using the information you have access, analysed and presented.

DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
You need to show a depth of understanding of the key concepts and knowledge of the financial products covered in the assessment tasks, including personal loans and overdrafts and general insurance products. Accuracy of all related interest rates, repayment calculations, fees and charges is essential.

TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
Demonstration of appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience. This requires use of bank and financial institution web sites to access financial data and demonstrate a capacity to use financial calculators to calculate repayments and credit limits.

WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
You must complete all work requirements as per course requirements and timely submission of all required assessment tasks. You need to collate data and organize it in a presentable format that meets the requirements of the assessment tasks.

COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
You are required to work in groups to complete assessment task 3. Communication skills and teamwork is required to collaboratively complete this task. Additionally you will need to network to collate financial data for personal loan products required in assessment task 2.
Final Grade Table
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment

 


Assessment Matrix

Course Overview: Access Course Overview